October 28, 2019-South Korea plans to give up a special status in the World Trade Organization. The status gives developing countries longer time periods to implement trade agreements and the ability to increase trade opportunities.
South Korea Finance Minister Hong Nam-ki made the announcement late last week, saying it reflects his country’s growing economy and external pressures. South Korea’s economy is worth $1.5 trillion and is the 11th largest economy in the world.
In July, U.S. President Donald Trump called on strong economies such as China to shed the special status. His July memorandum makes specific recommendations regarding the treatment of countries that he says should no longer be treated as developing economies.
Singapore, Brazil, the UAE and Taiwan have also pledged to give up the special status.
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